First-Time Buyer? Here’s How to Tell If You’re Ready

Tanya Toye • December 31, 2025

Ready to Buy Your First Home? Here’s How to Know for Sure

Buying your first home is exciting—but it’s also a major financial decision. So how can you tell if you’re truly ready to take that leap into homeownership?


Whether you’re confident or still unsure, these four signs are solid indicators that you’re on the right path:


1. You’ve Got Your Down Payment and Closing Costs in Place

To purchase a home in Canada, you’ll need at least 5% of the purchase price as a down payment. In addition, plan for around 1.5% to 2% of the home’s value to cover closing costs like legal fees, insurance, and adjustments.

  • If you’ve managed to save this on your own, that’s a great sign of financial discipline.
  • If you're receiving help from a family member through a gifted down payment, that works too—as long as the paperwork is in order.


Either way, having these funds ready shows you’re prepared for the upfront costs of homeownership.


2. Your Credit Profile Tells a Good Story

Lenders want to know how you manage debt. Before they approve you for a mortgage, they’ll review your credit history.


What they typically like to see:

  • At least two active credit accounts (trade lines), like a credit card or loan
  • Each with a minimum limit of $2,000
  • Open and active for at least 2 years


Even if your credit isn’t perfect, don’t panic. There may still be options, such as using a co-signer or working on a credit improvement plan with a mortgage expert.


3. Your Income Can Support Homeownership—Comfortably

A steady income is essential, but not all income is treated equally.

  • If you’re full-time and past probation, you’re in a strong position.
  • If you’re self-employed, on contract, or rely on variable income like tips or commissions, you’ll generally need a two-year history to qualify.


A general rule: housing costs (mortgage, taxes, utilities) should stay under 35% of your gross monthly income. That leaves plenty of room for other living expenses, savings, and—yes—some fun too.


4. You’ve Talked to a Mortgage Professional

Let’s be real—there’s a lot of info out there about buying a home. Google searches and TikToks can only take you so far.


If you're serious about buying, speaking with a mortgage professional is the most effective next step. Why? Because you'll:

  • Get pre-approved (and know what price range you're working with)
  • Understand your loan options and the qualification process
  • Build a game plan that suits your timeline and financial goals


The Bottom Line:

Being “ready” to buy a home isn’t just about how much you want it—it’s about being financially prepared, credit-ready, and backed by expert advice.


If you’re thinking about homeownership, let’s chat. I’d love to help you understand your options, crunch the numbers, and build a plan that gets you confidently across the finish line—keys in hand.


Tanya Toye

Mortgage Broker

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Home Reno Dreams? Let’s Talk Mortgage Financing

By Tanya Toye • December 24, 2025
How to Use Your Mortgage to Finance Home Renovations Home renovations can be exciting—but they can also be expensive. Whether you're upgrading your kitchen, finishing the basement, or tackling a much-needed repair, the cost of materials and labour adds up quickly. If you don’t have all the cash on hand, don’t worry. There are smart ways to use mortgage financing to fund your renovation plans without derailing your financial stability. Here are three mortgage-related strategies that can help: 1. Refinancing Your Mortgage If you're already a homeowner, one of the most straightforward ways to access funds for renovations is through a mortgage refinance. This involves breaking your current mortgage and replacing it with a new one that includes the amount you need for your renovations. Key benefits: You can access up to 80% of your home’s appraised value , assuming you qualify. It may be possible to lower your interest rate or reduce your monthly payments. Timing tip: If your mortgage is up for renewal soon, refinancing at that time can help you avoid prepayment penalties. Even mid-term refinancing could make financial sense, depending on your existing rate and your renovation goals. 2. Home Equity Line of Credit (HELOC) If you have significant equity in your home, a Home Equity Line of Credit (HELOC) can offer flexible funding for renovations. A HELOC is a revolving credit line secured against your home, typically at a lower interest rate than unsecured borrowing. Why consider a HELOC? You only pay interest on the amount you use. You can access funds as needed, which is ideal for staged or ongoing renovations. You maintain the terms of your existing mortgage if you don’t want to refinance. Unlike a traditional loan, a HELOC allows you to borrow, repay, and borrow again—similar to how a credit card works, but with much lower rates. 3. Purchase Plus Improvements Mortgage If you're in the market for a new home and find a property that needs some work, a "Purchase Plus Improvements" mortgage could be a great option. This allows you to include renovation costs in your initial mortgage. How it works: The renovation funds are advanced based on a quote and are held in trust until the work is complete. The renovations must add value to the property and meet lender requirements. This type of mortgage lets you start with a home that might be more affordable upfront and customize it to your taste—all while building equity from day one. Final Thoughts Your home is likely your biggest investment, and upgrading it wisely can enhance both your comfort and its value. Mortgage financing can be a powerful tool to fund renovations without tapping into high-interest debt. The right solution depends on your unique financial situation, goals, and timing. Let’s chat about your options, run the numbers, and create a plan that works for you. 📞 Ready to renovate? Connect anytime to get started!

Top Tips to Save Money in 2026

By Tanya Toye • December 22, 2025
As we head into 2026, many Canadians are feeling the impact of a higher cost of living. From groceries and utilities to insurance and housing costs, every dollar seems to stretch a little less. I see firsthand how small financial adjustments – paired with the right mortgage strategy – can make a meaningful difference over time. Saving money isn’t always about drastic change – it’s about being intentional, informed and proactive. Here are some practical tips to help you save money in 2026 and protect your financial well-being: Review your mortgage regularly. Your mortgage is likely your largest monthly expense, so it should always align with your current financial situation. If your income has changed, your family has grown or you’re feeling the pressure of rising costs, it’s time for a mortgage review. Refinancing, adjusting your amortization or restructuring debt may help reduce monthly cashflow strain and create breathing room in your budget. Consolidate high-interest debt. Credit cards and unsecured loans often carry much higher interest rates than a mortgage. Rolling high-interest debt into your mortgage can lower your overall interest costs and simplify payments. This can be a powerful way to reset your financial plan and regain control. Build a flexible budget. Budgets should evolve with your life. Revisit your spending categories and look for areas where costs have crept up. Even modest adjustments – like renegotiating phone plans or reviewing subscription services – can free up cash you can redirect to savings or debt reduction. Plan ahead for rate changes and renewals. Waiting until renewal time can be costly. Reviewing your mortgage options early gives you more control and flexibility. A proactive approach can help you avoid payment shock and take advantage of better options if they become available. Use home equity strategically. If you’ve built equity, it can be used wisely – for home improvements that increase efficiency, consolidating debt or investing in long-term goals. The key is ensuring it fits into a well-thought-out plan, not a short-term fix. Ask for help early. One of the biggest mistakes homeowners can make is waiting to find a solution after finances already seem unmanageable. If you’re feeling the strain of higher living costs, that’s the right time to reach out. I don’t just find rates – I also help clients problem-solve, adjust strategies and create sustainable plans. Any time there’s a change in your financial circumstances – income shifts, family changes, new goals or increased expenses – scheduling a mortgage review can uncover options you may not realize you have. Together, we can find ways to ease the pressure, reset your plan and help you move forward with confidence in 2026 and beyond. Wondering how to make the most out of your finances in 2026? I’m here to help you navigate your options. 604-788-8693 | tanya@tanyatoye.ca